Explore BrainMass

Explore BrainMass

    Accounting

    BrainMass Solutions Available for Instant Download

    Personal Action Plan

    Personal Action Plan; Step 3: Goal Setting & Step 4: Technology Plan Step 3- Goal Setting Make a list of the things that need to occur in order for your vision to become a reality. The list might include long-term goals (finish my degree) or more immediate concerns (childcare while I attend class). Try to be specifi

    Alternative Minimum Tax

    I need to find Bubba's AMT adjustments related to the itemized deductions as well as find his AMT tax liability for the current year. His info is as follows: AGI $75,000 Taxable income $50,000 Regular tax liability $8,558 Tax preferences $21,000 Itemized deductions including: Charitable contributions $7,000 Medical expe

    1040 Schedules A, D, and E

    Please see attached. Having great difficulty with various tax programs and accessing the proper IRS forms online. Thanks!

    Married Filing Separately: compute Marcella's income only

    Frasier and Marcella, husband and wife, file separate returns. Frasier and Marcella live in a community property state that considers separate property income to be separate. Frasier's salary is $32,000 and Marcella's salary is $35,000. Marcella receives dividend income of $4,000 from stock inherited from her parents. Frasier

    Taxation: Standard Deduction and dependents

    7. The regular standard deduction amount is available to which one of the following taxpayers? a. Married taxpayer filing a separate return where the other spouse itemizes. b. A person who has only unearned income and is a dependent of another. c.

    Agribiz Food Products, Inc.

    Agribiz Food Products, Inc., produces a wide variety of food and related products. The company's tomato canning operation relies partly on tomatoes grown on Agribiz's own farms and partly on tomatoes bought from other growers. Agribiz's tomato farm is on the edge of Sharpestown, a fast-growing, medium sized city. It produces

    Breakeven

    Please check the attached file. The question is on Cost Accounting related with Contribution margin. Because of the opportunities created for competition by the merger between Air Canada and Canadian Airlines, East-West Air is about to introduce a daily round-trip flight on the Toronto-to-Vancouver route. East-West Air offers

    Budget Effective Meanings in Organizations

    Many people believe the budgeting process is wasteful and ineffective. They maintain that managers spend too much time focusing on budgeting mechanics and not enough on strategic issues. They believe that emphasis on the budgeting process causes managers to neglect more important matters, such as eliminating nonvalue-adding act

    What is Basic EOQ? What is TC at the EOQ? Calculate TC increase for 1000 units.

    Economic ordering quantity (EOQ) is a commonly used method for optimizing the inventory costs with ordering costs. As the production manager for the organic juice line, you will need to determine the optimal order quantity. If the annual demand for organic orange juice at Ross and Pugett is 200,000 units, the annual carrying cos

    Variable Overhead Spending Variance for June Corp.

    June Corporation has a standard cost system in which it applies manufacturing overhead to products on the basis of standard machine-hours (MHs). The company has provided the following data for the most recent month: Budgeted level of activity 7,400 MHs Actual level of activity

    Schedule the amount of cash that may be paid to creditors and to the partners

    After realization of a portion of the non cash assets of Bemis, Coppo & Dipp LLP, which was being liquidated, the capital balances were Bemis, 54,600; Coppo, 40,500; and Dipp, 17,000. Cash of 34,100 and other assets with a carrying amount of 98,000 were on hand. Creditors' claims totaled 20,000. Bemis, Coppo, and Dipp share net

    Passive Activity and Suspended Losses: Carmen, Roxanne, Lucy, Kim, Sam

    Carmen, a single taxpayer, has $80,000 in salary, $10,000 in income from a limited partnership, and a $30,000 passive loss from a real estate rental activity in which she actively participates. Her modified adjusted gross income is $80,000. Of the $30,000 loss, Carmen may deduct: a. $0. b. $10,000. c. $25,000. d. $30,000. e

    R.E.C. Inc: Presenting to Stakeholders, ideas for inclusions in annual report

    R.E.C. Inc.'s staff of accountants finished preparing the financial statements for 2007 and will meet next week with the company's CEO as well as the Director of Investor Relations and representatives from the marketing and art departments to design the current year's annual report. Write a report in which you present the mai

    MC Tax Credits: credit or deduction, carryforwards, recapture, rehabilitation, EIC

    Ahmad is considering making a $1,000 investment in a venture which its promoter promises will generate immediate tax benefits for him. Ahmad, who normally itemizes his deductions, is in the 28% marginal tax bracket. If the investment is of a type where the taxpayer may claim either a tax credit of 25% of the amount of the expend

    Multiple Choice in Passive Activity Losses

    Ray owns a business with two separate departments. Department A produces $100,000 of income and Department B incurs a $60,000 loss. Ray participates for 550 hours in Department A and 100 hours in Department B. He has full-time employees in both departments. Which of the following statements is correct? a. If Ray elects to trea

    validity and accuracy of Internet information

    1. How do you determine the validity of information obtained from the Internet? 2. What is the difference between validity and accuracy? 3. What is the difference between the two terms? 4. What would cause an otherwise honest student to plagiarize? 5. What advice would you give that student to avoid the situation in

    Calculating actual hours worked

    Tub Co. uses a standard cost system. The following information pertains to direct labor for product B for the month of October: Actual rate paid $8.50 per hour Standard rate $7.80 per hour Standard hours allowed for actual production 1,910 hours Labor efficiency variance $1,790 unfavorable What were the actual hours worke

    Santiesteban Corporation wage rate

    Santiesteban Corporation's standard wage rate is $18.00 per direct labor-hour (DLH) and according to the standards, each unit of output requires 8.8 DLHs. In March, 9,300 units were produced, the actual wage rate was $12.40 per DLH, and the actual hours were 66,300 DLHs. The Labor Efficiency Variance for March would be record

    Mayall Corporation: Standard Quantity in Kilograms

    Question 10: Mayall Corporation is developing standards for its products. Each unit of output of the product requires 0.9 kilogram of a particular input. The allowance for waste and spoilage is 0.03 kilogram of this input for each unit of output. The allowance for rejects is 0.11 kilogram of this input for each unit of outpu

    Materials Purchase Price Variance

    Question 7: Matt Company uses a standard cost system. Information for raw materials for Product RBI for the month of October follows: Standard price per pound of raw materials $1.69 Actual purchase price per pound of raw materials $1.51 Actual quantity of raw materials purchased 2,180 pounds Actual quantity of raw ma

    Record: Materials Quantity Variance

    Question 6: Schaper Corporation has provided the following data concerning its most important raw material, compound D30X: Standard cost, per liter: $55.80 Standard quantity, liters per unit of output: 4 Cost of material purchased in December, per liter: $39.70 Material purchased in December, liters: 2,650 Material used

    Persechino Corporation: Calculate the Standard Price Per Kilogram

    Question 4: Persechino Corporation is developing standards for its products. One product requires an input that is purchased for $88 per kilogram from the supplier. By paying cash, the company gets a discount of 1% off this purchase price. Shipping costs from the supplier's warehouse amount to $6.21 per kilogram. Receiving c

    ADVERTISEMENT